Core Insurance, Life Insurance
Business Wire | August 14, 2023
McGill and Partners, the global boutique specialist (re)insurance broker, has announced several important leadership appointments within its US operations.
Karl Hennessy, who currently leads the Global Specialty Insurance teams in London, will be appointed CEO of McGill Global Risk Solutions LLC, the US insurance and reinsurance business, and will move to New York from London, subject to visa approvals. He will be supported by John Judice, who is appointed President of the US business with immediate effect and will be responsible for driving sales and business development activity across McGill and Partners’ specialty insurance platform. Warren Mula will remain Chairman of the US business.
Nirali Shah has been appointed Head of US D&O and to further support Business Development activity in the US, Daisy Jackson has been appointed Partner, Business Development, and will move to New York from London, subject to visa approvals. Alyssa Gerardi is appointed as Steve McGill’s Chief of Staff and has moved from New York to London.
As Karl transitions to the US, his previous responsibilities will be taken over by our Chairman, John Lloyd.
McGill and Partners works closely with many leading high-quality retail and/or wholesale brokerage firms and/or (re)insurers as well as global clients and their captives to deliver superior solutions and services to this segment. Specifically, the focus of the firm is on the design structuring and placement of world class (re)insurance solutions, particularly for larger or more complex clients.
Steve McGill, CEO of McGill and Partners, said: “Since we launched four years ago, we have developed a value proposition and business model that is highly differentiated, enabling us to deliver industry leading organic revenue growth. The US is the most important (re)insurance market in the world and these leadership changes are designed to reinforce our commitment to the US market, for the benefit of all our trading partners and clients.”
About McGill and Partners
McGill and Partners is the fastest growing specialty (re)insurance broker in the world with a boutique approach to help clients manage their most complex and challenging needs. It was launched in 2019 and the firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm. McGill and Partners is a global business with centres of excellence in London and New York.
Core Insurance, Insurance Technology
Business Wire | August 01, 2023
Franklin Mutual Insurance Group (FMI), a P&C insurance provider for residents and business owners in New Jersey and Pennsylvania, and Guidewire (NYSE: GWRE) announced that FMI successfully implemented Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, adapt more quickly to changing market demands, and deliver more value to its agents and policyholders. The company migrated InsuranceSuite from a self-managed environment to Guidewire Cloud simultaneously for all lines of business except Business Owner Policy (BOP), which is currently in implementation. Guidewire PartnerConnect Consulting Global Premier member PwC led the implementation project.
“Leveraging Guidewire in the cloud is a more economical way of using the technology,” said FMI Chief Technology Officer Steve Romanow. “While our business strategies and objectives haven’t changed, Guidewire Cloud is enabling us to execute them more quickly. We’re utilizing InsuranceSuite's full capabilities compared to a self-managed environment and staying current with Guidewire’s latest technology and innovation through regular Guidewire Cloud updates.”
Romanow added, “Thanks to Guidewire, PwC and CastleBay Consulting, we were able to conclude the implementation project on time and on budget. The overall efficiencies provided by Guidewire Cloud have allowed our staff to focus on delivering value to our agents and policyholders to grow our business.”
“We're proud to have helped Franklin Mutual Insurance facilitate this implementation to Guidewire Cloud,” said PwC Managing Director Jay Davidson. “The successful deployment wouldn't have been possible without the collaborative efforts of an exceptional team. This implementation reaffirms FMI’s commitment to both their customers and their business by providing enterprise agility and scalability for the future.”
“We congratulate Franklin Mutual Insurance on its successful cloud transformation through its InsuranceSuite migration to Guidewire Cloud,” said Guidewire Head of Services Michael Mahoney. “We’re excited to work with the company to help them continue their commitment to policyholders through dedication to a strong ethical culture, excellent customer service, consistency in the marketplace, and financial strength.”
FMI also migrated its self-managed installations of DataHub and InfoCenter onto Guidewire Cloud. The company is also leveraging SmartCOMM™ from Smart Communications for customer communications management. Guidewire is a reseller of Smart Communications, a Guidewire PartnerConnect Solution member.
About Franklin Mutual Insurance
Franklin Mutual Insurance is one of the most established and respected insurance companies in New Jersey. In business since 1879, FMI offers superior coverages to New Jersey residents and business owners, sold exclusively through professional independent agents. Rated A (Excellent) by A.M. Best, we have the financial strength and stability to protect our insureds and continue to grow our business. For more information, please visit https://www.fmiweb.com/site/.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
Core Insurance, Risk Management
PR Newswire | August 03, 2023
CCIG, a leader in risk management and insurance solutions for business and individual clients nationwide, has announced a dedicated partnership to support the growth of an established group captive insurance program for companies across the country.
Instead of navigating the volatile traditional insurance market to obtain coverage, group captives unite companies with a shared commitment to safety, risk management and financial oversight to create and fund their own insurance program.
When business leaders embrace this approach as a long-term business strategy, they achieve greater stability in their annual insurance costs by partnering with other like-minded owners. The opportunity to earn a return on premiums allows companies to drive down net costs every year.
"Group captives are an extension of our clients' entrepreneurial spirit, and we're proud to partner with a captive manager that provides an established track record of successful, profitable and stable group captives which we can now offer to clients," CCIG President Andrew Mahoney said. "Clients who already take the initiative to manage their costs through robust safety programs and risk management strategies can further capitalize on additional savings not available in the traditional marketplace."
A successful group captive contains highly vetted members whose stability builds a peer group environment. The group's members have the benefit of sharing best practice ideas and learn from other highly profitable and safe firms that a traditional insurance relationship cannot provide.
Mahoney said that CCIG's exclusive captive manager partnership includes a myriad of industry-specific group captives. He added that a construction-specific group captive has gained attention from clients already, having produced approximately 27% of returns on premium and distributed more than $45 million in premiums back to captive members in its 20 years of existence.
CCIG's practice area leader of safety, Gary Glader, was instrumental in creating the construction captive offering in 2003.
"The historical knowledge he has gained throughout this period results in safer companies and our ability to deliver fast, proactive solutions that others cannot," Mahoney said.
Glader said group captives can be a game-changer for participating businesses.
"Group captives provide a competitive edge for sophisticated companies who are ready to maximize their financial investment in insurance," Glader said. "Not only do companies benefit from a built-in network of peers with a common goal, it can also drive phenomenal business results for participating companies."
Since 1985, CCIG is a fiercely independent, rapidly growing insurance brokerage, delivering risk management and insurance solutions to their clients. They represent clients nationally and have offices in Denver, CO and Austin, TX. Living up to their "curious broker" philosophy, their Advisors are relentlessly focused on understanding the needs and evolving landscape within their respective industry verticals. CCIG has an award-winning culture, being named Max Performer of the Year and a "Best Practices" Insurance Broker by The Independent Insurance Agents and Brokers of America. CCIG lives by the acronym of RISE: Relationships, Innovation, Strategy, Excellence, and this is the foundation on which all decisions are made.